GÜMÜŞ FİYATLARI VE DOW JONES ENDEKSİ’NİN ALTIN FİYATLARINA ETKİSİ ÜZERİNE EŞBÜTÜNLEŞME VE NEDENSELLİK ANALİZİ
COINTEGRATION AND CAUSALITY ANALYZES OF EFFECT OF SILVER PRICES AND DOW JONES INDEX ON THE PRICES OF GOLD

Summary/Abstract: In this study, cointegration and causality analyzes were conducted to determine the effect of silver prices and Dow Jones Index on the prices of gold. On a daily basis of the 10071 data utilized in this study between the periods January 1 1973 - June 16 2013, it was investigated whether there has been long-term relationship between the series, and the presence of a long-term relationship was revealed. Also the relationships between the prices of gold and the prices of silver and Dow Jones Index were examined whether they had a one-way or two-way relationship and between the prices of gold and the prices a two-way relationship of causality has been found but between the prices of gold and Dow Jones Index a relationship of causality hasn ’t been found.

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